Portland Real Estate Market Update – August 2025

Each month, we track real estate trends across the Portland metro area to help buyers and sellers understand where the market is heading. As we move into August, we enter a time of year that typically sees a bit of seasonal cooling—but this year is shaping up to be a little different. Inventory remains higher than usual, and price reductions are increasing, yet buyer activity remains higher than in past years.

Let’s look at the latest data to get a closer look at recent activity and learn what to expect for August and the rest of the year. 

2025 Buyer Traffic Show Normal Signs of Seasonal Decline

Buyer Traffic Trends Ending June 29th, 2025

The latest buyer traffic data from SentriLock ending June 29 falls one day short of a full month view, but given that, it shows a total buyer activity reached 67,103 showings, a slight increase over the same time in 2024 (64,022) and 2023 (62,833), and remains well above 2022’s 60,913. The upward trend shows more buyer engagement for this time of year than in the prior three years, even as we transition into the slower summer season. 

Portland Monthly Buyer Traffic Temperature

The numbers put Portland in the Warm temperature range for June. 

Monthly Teperature Ranges 

Daily Buyer Traffic is Active But Also Uneven

When we shift our focus from a monthly total to the most recent days, we gain a closer look at recent trends and what may come. When doing this type of analysis, we take into account the increased activity during weekends (Friday through Sunday). 

Daily buyer traffic for the last 12 days ending June 29, 2025, shows a peak of 2,839 on Saturday, June 28, and a low of 2,103 on Sunday, June 23. Overall, the activity remained stronger than usual, with more days exceeding 2,200 than in the last three years. Buyers remain active heading into July. We can likely expect the numbers to remain anywhere from stable to higher through July and August, and perhaps an even or slight dip in September. 

Inventory Levels are High and Holding Above Historical Averages

Inventory levels in Portland are higher than recent years, a trend we’ve seen since early spring. As of mid-July, inventory reached 1,830 active listings, up from 1,701 in mid-June and 1,475 in mid-May. This steady month-over-month increase is typical for summer as more homes are listed after the busy spring buying season. What makes this year different is the volume: we’re above the totals of the last four years, and each year it has increased. 

Inventory reduction data courtesy of Fidelity National Title.

While some of this increase can be attributed to more seller activity and a lack of lower interest rates, it also reflects a slowing pace of pending sales. In other words, more homes are sitting longer. This gives buyers more options and an extended time on market for sellers, putting sellers under greater pricing pressure through August and September, and even the rest of the year as buyer demand lowers. 

Price Reductions are Surpassing Prior Years

As inventory continues to climb and buyer traffic tapers off, price reductions have increased over the last few months. By mid-July 2025, 48.2% of active listings in Portland had price reductions. That’s up from 44.25% in mid-June and 38.71% in mid-May. The upward trend reflects sellers adjusting expectations due to more competition and longer market times, which push prices downward.

Price reduction data courtesy of Fidelity National Title.

Increasing price reductions are typical for this time of year, but when compared to previous years, this year’s rate of reductions is noticeably higher. In July 2024, the price reduction rate was 43.32%, and in 2023, it was 37.56%. Even the 2022 market corrections are at a similar level of 44.50%. 

The increase suggests that sellers are attempting to attract buyers with competitive pricing to counteract high inventory and reduce buyer caution. This will likely continue to be the case through the remainder of summer.

Average Pricing Slightly Declines Despite Warm Buyer Activity

In our time in Portland real estate, we find that the best representation of home values comes in the form of price-per-squre-foot data. As of now, we are seeing a modest dip. As of mid-July 2025, the average sits at $313 per square foot, down from $320 in June and $317 in May. The gradual decline aligns with what we typically see during the summer months, a time when buyer urgency decreases and homes stay on the market longer. Buyer traffic is elevated, but inventory is up and pending sales are normal, so prices decline.

Price per square foot data of Fidelity National Title.

A softening is occurring despite buyer traffic remaining in the warm range, with more showings than in the past three years. The average price per square foot last year was $322. The year before that it was $316. Although both numbers are higher than this year’s $313, the fluctuations over many years indicate that this year’s average is still relatively stable. The current dip suggests that sellers are adjusting prices to remain competitive during a period of high buyer activity. 

New Listings and Pending Sales Show Steady Year-Over-Year Consistency

The latest RMLS data ends in June 2025. New listings in Portland totaled 3,096, nearly identical to June 2024’s 3,044. This steady volume suggests that seller activity remains strong and consistent despite the market uncertainty. Sellers appear confident enough to sell, even while competition and times on market have increased.

Pending sales for June 2025 reached 2,267, closely matching June 2024’s 2,217. These figures are also in line with 2023 totals, showing signs of seasonal normalcy. Buyers and sellers appear to be adjusting to current conditions rather than exiting, which helps maintain a healthy market. 

It’s important to note that these totals reflect activity through the end of June; however, if current trends continue, we’re likely to see sales activity remain in line with previous years. That points to a market with relatively healthy supply and demand, even if conditions remain more price-sensitive than usual.

Advice for Buyers and Sellers

With elevated inventory levels and price reductions, sellers should expect strong competition in August. Homes may take longer to sell, especially if pricing isn’t aligned with the market. Strategic pricing and professional presentation will be more important than ever to attract motivated buyers. Be ready to make timely adjustments if traffic slows or similar homes in your area begin dropping prices.

For buyers, this is a good time to shop. The increase in listings means more choices and greater negotiating power, especially on homes that have been sitting on the market. With price reductions trending upward, buyers may be able to secure a better value—but being ready to act is key since buyers are facing competion, and if interest rates improve, competition will only increase. 

Portland 2025 Fall Real Estate Forecast

Looking ahead to August 2025, the Portland real estate market is maintaining seasonal norms in terms of demand, but with higher volume and slightly more price cuts. Inventory levels are up and continuing to rise, but buyer traffic remains in the Warm range. Price reductions are trending higher than in recent years. This combination typically results in longer market times and increased competition among sellers.

If buyer activity remains higher than usual, given current traffic patterns, and sellers continue to adjust prices competitively, we expect August pending sales to stay at normal levels. The elevated inventory gives buyers more choices, while steady pending sales indicate that buyers are still moving forward—just more selectively. If interest rates lower (unlikely anytime soon), the market may get a boost, but pricing will be the key driver in converting buyers. 

From September onwards, we will see a softer market with more homes than buyers, resulting in deeper pricing cuts throughout the rest of the year.

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